Monday, September 10, 2012

The Obama Recession

While U.S. employers did create 96,000 jobs last month, 368,000 Americans lost hope of finding a job and stopped looking for work entirely. Or as Paul Ryan said on CNBC, “For every net job created, nearly four people left the workforce.” Obama has now presided over a record 43 months of unemployment above 8 percent.
There simply was no good news in today’s jobs report. June and July job creation was revised down a total of 41,000. The manufacturing sector lost 15,000 jobs. If the size of the U.S. labor force rate had stayed the same as last month, unemployment would have risen to 8.4 percent. If the same number of Americans were looking for work today, as were looking for work when Obama came into officer, unemployment would have risen to 11.2 percent.
The Democrats also practiced deception when they claimed 4.5 million jobs created under the Obama regime while ignoring all the jobs lost during this timeNot only is the country worse off than it was 4 years ago, it's even worse off than it was a year ago:
Over the past six months, the economy has added an average of 97,000 jobs a month. At this time a year ago, the six-month average was 136,000, meaning the economy was growing 40% faster than it is today.

For the whole year, the economy has added an average of 139,000 jobs a month. That's better, but still worse than a year ago when that figure was 143,000.

What's more, those numbers come from the survey of employers. When the Labor Department asks individuals, the picture we get is a good deal worse. Go by that survey, which many say does a better job of capturing new businesses and the self-employed, and the economy's gains plummet to an average of just 6,000 jobs a month since March, or nearly one-sixth fewer than we were adding in the same time a year ago.
Most of the jobs gained are low-wageUnder the Obama regime, US competitiveness rated by the World Economic Forum dropped 10 placesFinally, the libertarian law Professor Glenn Reynolds has a few suggestions of tax loopholes that can be closed to satisfy the Democratic obsession with raising taxes: Start with Hollywood.

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